Lilium (NASDAQ:LILM) shares are down in double digits today after the all-electric vertical take-off and landing jet maker announced a $192 million financing. This includes an upsized underwritten public offering worth $75 million for ~57.7 million of its class A shares and a concurrent private placement of about $42 million.
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The private placement consists of ~32.15 million shares and warrants to purchase ~8 million shares. The warrants will be exercisable immediately for one-quarter of one share and will expire 18 months after being issued.
Further, under a previous purchase agreement between Lilium and Aceville Pte., the latter will also fund an additional $75 million.
The company is selling the shares at $1.30 apiece under the underwritten public offering and has also granted a 30-day option to the underwriter to acquire up to ~8.65 million additional shares. Lilium plans to use the funds raised for general corporate purposes.
Overall, the Street has a $2.73 consensus price target on Lilium alongside a Hold consensus rating. Shares of the company have now dropped nearly 43.4% over the past year.
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